Economy

The Greek ministry of Agriculture will push for a geographical protection for “Greek yogurt” considering the rising consumer demand as well as the recent dispute with Prague. Greek yoghurt is ‘Greek’, European Commission technocrats told Czechs last year. They wanted a ‘Greek-style yoghurt’ made in the Czech Republic. The product …

More than 500 kilometers out of 765 kilometers of the Trans Adriatic Pipeline’s (TAP) route has been cleared in Greece and Albania, which is 2/3 of the pipeline’s length in those two countries, TAP AG consortium said. At the same time, welding and trenching work continues as part of TAP’s …

The Greek Coast Guard in cooperation with the newly established independent authority for public revenues, has reportedly stepped up checks of yachts and tourist vessels this summer in an attempt to net undeclared charter revenues and foreign-registered vessels that illegally carry out excursions exclusively in Greek waters. Inspections initially check …

Greece’s statistics service ELSTAT has suspended until further notice the release of flash quarterly estimates on the country’s gross domestic product because of divergences with provisional estimates, a statement issued by ELSTAT said on Monday. The move means that flash data will not be issued on Aug. 14. Nationwide quarterly …

Greece will soon launch two new international tenders for the concession of hydrocarbon exploration and exploitation rights in the Ionian Sea and Crete. The new tenders will be launched after applications submitted by the Total-ExxonMobil-Hellenic Petroleum consortium -which is interested for the sea regions southwest of Crete- and Energean Oil …

Greece received six expressions of interest for the sale of a 66 percent stake in state natural gas grid operator DESFA, the country’s privatization agency (HRADF) said in a press release on Monday. The investor groups that responded to the tender are: -Macquarie Infrastructure and Real Assets Ltd -A consortium …

Three out of ten taxpayers did not pay the first installment of income tax due on July 31st. Now, they are at risk to face confiscations if they do settle their arrears as soon as possible. According to available data from the Treasury, 28% of taxpayers, a total of 671,000 …

Greece will marginally lift the cash limit on bank account withdrawals and allow the opening of new accounts as part of an incremental easing of capital controls first introduced in 2015. The new regulations, effective on Sept. 1, will allow individuals to withdraw lump sums of up to 1,800 euros …

Eldorado Gold will face Greek officials in an arbitration court later this month as the country’s government sees the move as the preferred way to settle its differences with the Canadian miner. The country’s Energy Minister George Stathakis met representatives from Eldorado’s local unit Hellas Gold in Athens on Wednesday to discuss …

Official data on Greek imports for 2016 have once again shone a spotlight on Greece’s production deficit. Although a maritime country Greece spent €434 million on fish import. Although it had and still has a flourishing cotton cultivation, if spent €659.8 million to import cotton. What’s the problem with Greece? …

Fourteen provincial airports around Greece now managed by a Fraport-led consortium continue to post higher passenger traffic in the first six months of the year, with the overall increase put at 11.9 percent, compared with the same period of 2016. Specifically, between January and June 2016, 9.64 million passengers passed …

Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank and the German Bundesbank, brings back Grexit scenarios, demanding a Euro-sabbatical for Greece. In an interview with business news magazine Wirtschaftswoche, Issing warned of a new flare-up of the euro crisis. “The euro crisis is …

An entrepreneur in Kalamata submitted an extrajudicial statement to his local tax office, saying he would agree to install a POS device in his business only if he earns a share from the bank revenues. The statement was filed just hours before the finance ministry deadline for the mandatory installation …

Germany’s finance ministry on Tuesday welcomed a move by Greece to sell debt to private investors for the first time in three years, saying Greece now needed to stabilise trust, bolster reforms and complete a third bailout review on time. A ministry spokesman spoke to Reuters following, of course, Wolfgang …

The response to Greece’s attempt to tap the markets on Tuesday confirmed that the country’s economy was on course for recovery and a final exit from bailout programmes, Greek government sources said on Tuesday. “Greece’s return to the markets was crowned with absolute success and confirms the good course of …

EU Commissioner Pierre Moscovici confuses the dramatic sacrifices the Greek were enforced to make with lenders’ austerity measures. “Let’s continue the good work,” Moscovici cheered while visiting Athens on this warm July Tuesday inside his bubble made in Brussels. “Now is the time to plan the successful conclusion of the …

Are you a bank debtor in a cash-strapped country and owner of several accounts on social media? News is bad, my friend. The banks are after you with new methods to prove whether your claim “I have no money” is true or not. They will screen your Facebook, Twitter, Instagram …

Germany fails to honor its part of the Greek bailout deal, the popular claim that German taxpayers are bailing out Greece are clearly false and just political verbiage. This is the essence of a post written by economics Professor Bill Mitchell of Australia. In his blog post, Mitchell deals with …

The much anticipated return to the bond markets is on. Greece’s government is returning to the financial markets for the first time since 2014. The bond sale started at 1 p.m. Monday noon July 24th. 2017. The government aims to raise some 4.03 billion euros from the auction, while the …

“Greece has implemented many reforms and is on a good path,” German Finance Minister Wolfgang Schaeuble said on Monday in an interview with Bild newspaper. The most dramatic moment over the last four years was the dispute over the program for Greece in the summer of 2015 when the country …